Kingfisher says will restart operations in phases

NEW DELHI Mon Dec 17, 2012 7:50pm IST

A passenger walks with her luggage in front of a Kingfisher Airlines reservation office at the domestic airport in Mumbai October 23, 2012. REUTERS/Danish Siddiqui/Files

A passenger walks with her luggage in front of a Kingfisher Airlines reservation office at the domestic airport in Mumbai October 23, 2012.

Credit: Reuters/Danish Siddiqui/Files

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NEW DELHI (Reuters) - Debt-laden and grounded Kingfisher Airlines (KING.NS) said on Monday it will "restart in a phased manner," with own funding, and will not seek banks' support.

Kingfisher, saddled with a debt load of $1.4 billion, has not flown since October, and is under immense pressure to raise equity fast to keep its licence intact.

"We have also shared a full recapitalisation plan which will be further discussed with a small designated group of bankers," Kingfisher said in a statement, after a meeting with its lenders.

(Reporting by Anurag Kotoky; Editing by Devidutta Tripathy)

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